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☆ Britain's car finance industry is in crisis – with banks bracing for billions in payouts
▼ + stars: | 2024-11-14 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

Mike Kemp | In Pictures | Getty ImagesBritain's motor finance industry is in disarray, with analysts warning of worst-case scenarios similar in magnitude to the country's costliest consumer banking scandal. The decision caught many in the motor finance industry off guard and appears to have paved the way for a multi-billion-pound redress scheme to compensate consumers. It urged motor finance groups to consider setting aside financial provisions to resolve the high volume of complaints. According to the banks, they followed the rules and guidelines set by the FCA, which are not aligned with the new Court of Appeal ruling," Kammer told CNBC via email. The FCA has said that it will await the outcome of a potential Supreme Court ruling before taking a decision on the matter," Kammer said.

Persons: Mike Kemp, Banks, Niklas Kammer, Kammer, Benjamin Toms, Toms, John Keeble Organizations: Royal Exchange, City of, Appeal, Authority, FCA, Morningstar, Lloyds, Horse, Barclays, Lloyds Banking, Bloomberg, Getty, of, CNBC, PPI, RBC Capital Markets, Taxis, Fenchurch, Station Locations: City, City of London, London, United Kingdom, U.K

A representative for Co-op Bank declined to comment. The sale is being closely watched as one of the first examples of long-touted consolidation among Britain's midsize lenders. Co-op Bank had a book value of 1.3 billion pounds ($1.6 billion) at the end of December. Despite interest from financial investors, Co-op Bank is more focused on a deal with a competitor, two people said. Aldermore, OSB, Paragon and Shawbrook declined to comment.

Persons: Toby Melville, Aldermore, JC Flowers, Bain, Pablo Mayo Cerqueiro, Andres Gonzalez, Anousha Sakoui, Sharon Singleton Organizations: Bank, REUTERS, Reuters, Paragon Banking Group, Paragon, Bain Capital, Co, Fenchurch Advisory, PJT Partners, Thomson Locations: London, British, Aldermore

☆ A TriBeCa Loft Where Rafael Viñoly Worked, and Played the Piano
▼ + stars: | 2023-06-02 | by ( Vivian Marino | ) www.nytimes.com time to read: +1 min

Mr. Viñoly trained as a classical pianist in his native Uruguay before embarking on a successful career in architecture. The New York-based Rafael Viñoly Architects, founded four decades ago, is known around the world for its major commercial, residential and cultural structures, like the new Carrasco Airport in Montevideo, Uruguay, and 20 Fenchurch Street, nicknamed the “Walkie-Talkie” building, in London. Roman Viñoly says he is now ready to sell the co-op, situated between Duane and Thomas Streets, and has placed it on the market for $2.5 million. Mr. Viñoly says that both he and his father had fond memories of the downtown loft. “It’s a very small community,” he said of the four-unit building with a ground-floor commercial tenant, “and we all look after each other.”

Persons: Viñoly, Rafael Viñoly, ’, Roman Viñoly, Thomas, Nicholas Athanail, Spencer H, Cutler, ” Organizations: Rafael Viñoly Architects, Carrasco Airport, Fenchurch, Corcoran Group Locations: Uruguay, New York, Montevideo, London, New York City, Midtown, Duane

In addition to mergers and acquisitions, the options include a sale of the bank and an initial public offering (IPO), the people said. Officials for Co-op Bank, Aldermore, OneSavings Bank, Paragon and Shawbrook declined to comment. Co-op Bank had an equity value of close to 1.3 billion pounds ($1.61 billion) as of the end of December, based on its latest annual accounts. It had more than 28 billion pounds of assets on its balance sheet and reported a profit before tax of 132.6 million pounds for 2022. Later that year, Co-op Bank made an offer for domestic rival TSB Group, which was rejected by Spanish parent Banco Sabadell (SABE.MC).

☆ Britain to lay out financial reforms to 'turbocharge' growth
▼ + stars: | 2022-12-08 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

REUTERS/Maja Smiejkowska/File PhotoLONDON, Dec 8 (Reuters) - Britain will set out reforms on Friday to ease bank capital rules, one of 30 measures the government says will unlock investment and secure its position as the world's "foremost financial centre". The reforms which Hunt said will "turbocharge" growth in the face of recession and a cost of living crisis, take advantage of Britain's European Union exit to tailor its own rules. The EU is also updating financial rules to deepen its own capital market and reduce remaining reliance on London. Britain has already set out initial reforms in its financial services and markets bill being approved in parliament. Scrapping a cap on banker bonuses and easing capital rules for insurers had already been announced, with a public consultation on regulating crypto assets also flagged.

Register now for FREE unlimited access to Reuters.com RegisterEven before leaks were found, supplies via Nord Stream 1 had been halted as a result of a dispute over Western sanctions on Russia, while the newly-built Nord Stream 2 pipeline had not started commercial deliveries. An E.ON spokesperson said Nord Stream 1's operating company was responsible for operational issues, including insurance. "Nord Stream AG remains in close contact with relevant authorities about the recent incident. U.S. President Joe Biden has said damage to Nord Stream was a deliberate act of sabotage. If there was any Russian involvement it could also mean the Nord Stream 1 damage being designated as an act of war, something that is typically excluded by insurance policies.

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